Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

970 Payette Drive Corona, CA 92881

4 Beds 3 Baths 2,670 sqft Built 2001

$649,900

List Price

$2,900

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $243.41
  • 4 Days on Market
  • MLS # : IV21045110
  • Updated Date : 03/05/2021 at 08:33
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,670 sqft
  • Baths : 3 full
Listing Agent

Windermere R.e. Tower Prop.

Listing Agent's Description

WELCOME TO BEAUTIFUL 970 PAYETTE DR., LOCATED IN ONE OF CORONA'S MOST DESIRABLE AREAS....ENTERING INTO THIS 2 STORY HOME, YOU WILL FIND A FORMAL LIVING ROOM LEADING TO FORMAL DINING ROOM, AROUND THE CORNER IS LARGE KITCHEN [GRANITE COUNTERS] WITH CENTER ISLAND INCLUDING STAINLESS STEEL APPLIANCES [FRIDGE,MICROWAVE,DISHWASHER, OVEN] OPENING UP TO GREAT FAMILY ROOM WITH FIREPLACE..THERE IS ALSO A BEDROOM AND FULL BATHROOM, AND INDOOR LAUNDRY ROOM[WASHER AND DRYER INCLUDED] FINISHING OFF THE DOWNSTAIRS AREA.....UPSATIRS GREETS YOU WITH BONUS ROOM PERFECT FOR DEN,TV ROOM, OFFICE, ETC...2 NICE SIZE BEDROOMS, FULL ABTROOM IN HALLWAY, AND MASTER BEDROOM COMPLETE WITH 2 WALK IN CLOSETS / FULL BATHROOM....3 CAR GARAGE, ARTIFICAL TURF IN FRONT YARD, SPA, FIREPIT AND PATIO FURNITURE COMPLIMENT THIS FINE PROPERTY....THIS HOME IS TITLED AS CONDO...

SEE MORE

MARKET HIGHLIGHTS

  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 2018)
  • Southern California has 58.7% labor force participation rate; within this area, Los Angeles metro has 62.3% labor force participation rate (USMayors.org, 2018)
  • The area has major technology nodes of excellence: Los Angeles (Media and entertainment); Pasadena (High-tech engineering, data analytics); Riverside (Agtech, transportation/ distribution); San Diego (Healthcare, biotech, wireless communications); Irvine (Medtech, cyber security); El Segundo (Aerospace and defense IT, space transport) [BCG, 2018]
  • Los Angeles has been awarded the 2028 Olympics under a funding commitment of $88 billion to upgrade the transportation infrastructure connecting disparate pockets of the metro area. This is expected to produce additional employment in the coming years. (BCG, 2018)
  • As part of Southern California area, Inland Empire market inherits all the benefits from the area.
  • Headquarters to several Fortune 500 companies: Amgen, Farmers Insurance, Walt Disney, Avery Dennison, Activision Blizzard, CBRE Group, Edison International, Molina Healthcare, First American Financial, Pacific Life, Qualcomm and Sempra Energy (Fortune, 2018)
  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)
  • Southern California produces more technology PhDs per year than any other region in the country and many of the higher educated students stay within Souther California contributing to readily available workforce skills making the area more attractive than Silicon Valley (BCG, 2018)

PRICE & RENT TRENDS

Neighborhood: South Corona

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600k650k700kPrice in $149k712k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: South Corona

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2120014001600180020002200240026002800Rent in $10822894

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Citrus Hills Intermediate School Middle Regular 1,160 46 6
Santiago High School High Regular 3,692 129 8
Citrus Hills Intermediate School Middle Unknown NA

Citrus Hills Intermediate School

  • Education Level: Middle
  • # of students: 1,160
  • # of teachers: 46
6
GreatSchools Rating

Santiago High School

  • Education Level: High
  • # of students: 3,692
  • # of teachers: 129
8
GreatSchools Rating

Citrus Hills Intermediate School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$584,910$714,890$649,900

PURCHASE PRICE

$2,610$3,190$2,900

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,900
EXPENSES Loan Payment -$2,257
Property Tax -$789
Property Insurance -$92
HOA -$59
Property Management Fees -$171
CASH FLOW
-$468

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 13% of earned rent to cover both maintenance and periods of vacancy.

$649,900

PROJECTED PRICE

$2,900

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 5.2%
Maintenance Year (1-5) 8.00%
Vacancy 5.35%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$177,974

INVESTMENT

$177,974

Down Payment
$162,475
Rehab Estimate
$5,750
Closing Costs
$9,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$2,257

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $162,475
Loan Amount $487,425
See What Happens When You Reinvest Cash Flow

1.75

YEARS SAVED

$7,684

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $2,900

    LIST RENT
  • $1.09

    LIST RENT PER SQFT
  • $3,057

    COMP ESTIMATED VALUE
  • $1.15

    COMP AVG. RENT PER SQFT
Comps Range
$2,650
1$2,6502$2,8503$2,9004$2,9005$3,500
$3,500
RENT COMPS ANALYSIS
  • 970 Payette Drive Corona, CA 4
    • 4 beds 3 baths ∙ 2,670 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,670 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $1.09
    •  
  • 1456 Pinewood Drive Corona, CA 1
    • 4 beds 3 baths ∙ 2,485 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,485 Sqft ∙ Built 2000
    LEASED 07/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $1.07
    •  
  • 2993 Bavaria Drive Corona, CA 2
    • 4 beds 3 baths ∙ 2,477 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,477 Sqft ∙ Built 1998
    LEASED 10/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $1.15
    •  
  • 3255 Bighorn Circle Corona, CA 3
    • 4 beds 3 baths ∙ 2,575 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,575 Sqft ∙ Built 1997
    LEASED 01/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $1.13
    •  
  • 3090 Tarocco Drive Corona, CA 5
    • 4 beds 3 baths ∙ 2,835 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,835 Sqft ∙ Built 1997
    LEASED 07/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $1.23
    •  
PROPERTY LISTING DETAILS
Ted Jenkins
Windermere R.e. Tower Prop.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV21045110
Last Updated: 03/05/2021
BESbswy